Speaking to CNBC Enrico Morando called for a “more realistic and measured” approach to the European Union divorce process as he said there would be no “doomsday” scenario.

Yet, the Italian politician said there would be risks for the UK’s economy once it leaves the bloc in two year’s time.

Mr Morando said: "To be honest with you, I think that Brexit is a greater threat to the UK economy than for the economy of the European Union.

“It is not as easy to predict, as those who assumed catastrophic consequences.

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Enrico Morando called for a ‘more realistic’ approach to the EU divorce process

“In my opinion those who have prophesied for magnificent consequences from the UK leaving haven't taken into account the positive and negative interest points from both sides of the field, and it should be done in a more balanced manner.”

Mr Morando also warned against assuming the democratic decision to leave the bloc would result in a "disastrous economic failure”.

He said: "Let's not even go back to the famous phrase that when there is fog in the (English) channel, the continent is cut off, as that is very much not the case."

After an EU parliament debate on Brexit last week, a number of MEPs rushed to warn Brussels against a “spirit of revenge” in the exit talks.

In a fiery declaration of support, he wrote on Facebook: “Great Britain should not be punished!!! The EU Parliament has now adopted its position on Brexit… and it has become clear the EU Parliament wants a hard line against Britain.

“They do not want to negotiate a future trade deal with Britain before they have agreed to pay the [Brexit bill], the EU has demanded. [They] have given Spain a veto right in relation to the issue of Gibraltar in the new agreement.

“If the demands set out by the EU Parliament are implemented, it will do irreparable damage to both Britain and the rest of the EU.”